The race for Blockchain implementation by Tech companies is getting more and more demanding. The last day saw significant progress made by IBM Tata Communications and IMB. The two Tech Giants joined the governing council of what could be one of the most successful blockchain projects of this decade – the Hedera Hashgraph.
Owned by Asia’s richest man, while Reliance Jio, a Telecom Company in India aims to “build the largest blockchain” network of the world. On the other hand, Tata Communications and IBM joined the Governing Council of Hedera Hashgraph. According to the charter of the Hedera Hashgraph LLC, the members are equal owners of the company.
Hedera Hashgraph – PoS Network with a Native Cryptocurrency (HBAR)
HBAR will be the native cryptocurrency of the Hedera Public network. Hbar is the network fuel that secures the Proof of Stake (PoS) network. Hedera’s PoS network will be used to support decentralized applications (Dapps), build peer-to-peer payment and micropayment business models, and protect the network from malicious actors.
Hedera plans to release the tokens by the end of summer (US) 2019. It will begin for SAFT (Simple Agreement for Future Tokens) investors. Moreover, it also expects to release the tokens on Exchanges in 2019 as well. It will have a fixed supply of 50 billion coins and will be denoted by the HBAR (ℏ) symbol.
The system shows a lot of resemblance with the Libra Association announced by Facebook. The cryptocurrency and the Hedera network is expected to be independent of the LLC. Moreover, the 39 members will form the governing council for the network.
Moreover, the cryptocurrency and PoS network replicates one of Ethereum, Tron or EOS aiming to provide similar functionality as well.
IBM and Tata Communications are the first big technology companies to join the initiative. The joined the council alongside Nomura and Deutsche Telekom.
Hyperledger – the ‘de facto standard’
While cryptocurrency is just the tip of the iceberg, Blockchain has a vast array of potential. IBM has been exploring and developing the Blockchain space for quite some time now. It has deployed many projects with leading firms like Maersk and Walmart. The IBM World Wire is another arm working with the Financial Services Industry.
Furthermore, Hyperledger is an open-source collaborative effort to advance cross-industry blockchain technologies. It is hosted by the Linux Foundation, including leaders in various other industries. It is building a standard for blockchain implementation for the firms. Microsoft and Ethereum Foundation are members of Hyperledger as well.
Jerry Cuomo, Vice President of Blockchain Technologies at IBM, said,
“We are excited to join the Hedera Governing Council and explore relationships between public networks and industry-specific networks. Hyperledger has proven to be the de facto standard enterprises use to build, manage, and deploy blockchain-based ledgers.”
The Hedera Hashgraph will now provide for the implementation of blockchain and cryptocurrency by technology giants using the principles of Hyperledger. Cuomo also added,
“We believe Hedera could help provide an interesting way to enhance and simplify the deployment of Hyperledger Fabric in the enterprise, making it easier for groups to build and grow their networks.”
Blockchain is essentially a distributed database that secures the information cryptographically. This provides security against tampering and loss of data. Currently, the data and information are stored in centralized servers of firms. Blockchain implementation is increasingly finding applications in a plethora of industries.
These Blockchain initiatives by Tech Giants are far more advanced than the existing platforms like Ethereum and EOS. Furthermore, while Libra is caught up in a regulatory mess, these associations have been quietly developing a global blockchain network.
Do you think that the new wave of Blockchain implementation will outshine the current cryptocurrency markets or will they have a role in it? Please share your views with us.
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Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com